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hearing.Failure to publish said notice or any defect in said notice shall not invalidate the notice.However, <br /> correction(s)must be published at the earliest practical time. <br /> Sec.10.4.Power of regulation reserved. <br /> Subject to any applicable state statutes,the council may by ordinance reasonably regulate and control the <br /> exercise of any franchise,including the maximum rates,fares,or prices to be charged by the grantee.No franchise <br /> value shall be included in the valuation of the grantee's property in regulating utility rates,fares,or prices under <br /> any applicable state or municipal law,or regulation,or in proceedings for municipal acquisition of the grantee's <br /> property by purchase or eminent domain. <br /> Sec.10.5.Renewals or extensions. <br /> Every extension,renewal,or modification of any existing franchise,or of any franchise granted thereafter, <br /> shall be subject to the same limitations and shall be granted in the same manner as a new franchise. <br /> CHAPTER 11. PUBLIC OWNERSHIP AND OPERATION OF UTILITIES <br /> Sec.11.1.Acquisition and operation of utilities. <br /> The city may own and operate any gas,water,heat,power,light,telephone or other public utility for <br /> supplying its own needs for utility service,or for supplying utility service to private consumers or both.It may <br /> construct all facilities reasonably needed for that purpose,and may acquire any existing utility properties so <br /> needed;but such action shall only be taken by ordinance,which shall not be an emergency ordinance.The <br /> operation of all public utilities owned by the city shall be under the supervision of the city council. <br /> Sec.11.2.Rates and finances. <br /> The council may,by ordinance,fix rates,fares and prices for municipal utilities,but such rates,fares and <br /> prices shall be just and reasonable.The council shall make each municipal utility financially self sustaining.Before <br /> any rates,fares or prices for municipal utilities shall be fixed by the council,the council shall hold a public hearing <br /> on the matter in accordance with section 11.6 of this chapter.The council shall prescribe the time and the manner <br /> in which payments for all such utility services shall be made,and may make such other regulations as may be <br /> necessary,and prescribe penalties for violations of such regulations. <br /> Sec.11.3.Purchase in bulk. <br /> The council may,in lieu of providing for the local production of gas,electricity,water and other utilities, <br /> purchase the same in bulk and resell them to local consumers at such rates as it may fix.Before such rates are <br /> fixed by the council,the council shall hold a public hearing on the matter in accordance with section 11.6 of this <br /> chapter. <br /> Sec.11.4.Lease of plant. <br /> The council may,if the public interest will be served thereby,contract with any responsible person,co- <br /> partnership or corporation for the operation of any utility owned by the city upon such rentals and conditions as it <br /> may deem necessary;but such contract shall not be an emergency ordinance.In no case shall such contract be for <br /> a longer term than ten years. <br /> Created: 2024-10-04 12:02:16[EST] <br /> (Supp.No.13,Update 3) <br /> Page 19 of 25 <br />